As telecommunication companies continue to look for alternative sources of financing, some of them have turned to the CMBS market, giving rise to a relatively new form of CMBS collateral: "telco hotel" properties - which are usually converted office, industrial and retail buildings that house "mission-critical voice, video, data networking, and transmission equipment."

"We have seen a fair amount of preliminary interest from lenders," said Peter Morral, an associate director from Standard & Poors. "And as more assets approach stabilization, I think that securitization is one route that owners looking to free up equity will explore."

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